CALGARY, Dec. 30, 2014 /CNW/ - Northern Frontier Corp. (TSX-V: FFF) (the "Corporation") announces that its board of directors (the "Board") has granted the following options to two senior officers of the Corporation:
- options entitling the holder to acquire up to an aggregate of 265,000 common shares of the Corporation (the "Shares") at an exercise price of $2.15 per Share;
- options entitling the holder to acquire up to an aggregate of 80,500 Shares of the Corporation at an exercise price of $3.50 per Share;
All options were granted under the Corporation's share option plan, have a five-year term and vest (as to one third of the number of Shares that may be purchased) on the first, second and third anniversaries of the date of grant.
Furthermore, the Corporation announces that the Board has granted 108,000 restricted share units to two senior officers of the Corporation entitling the holder to receive up to an aggregate of 108,000 Shares of the Corporation. All RSU's were granted under the Corporation's RSU plan. One-third of the RSU's vest immediately and the remaining two-thirds of the RSU's vest on September 27, 2015 and September 27, 2016, in equal portions respectively. A total of 36,000 Shares of the Corporation were issued on December 30, 2014 related to the RSU's that vested on the grant date.
About Northern Frontier Corp.
Northern Frontier's strategic objective is to create a large industrial and environmental services business through a buy and build growth strategy. Currently, the Corporation provides civil construction and excavation services to the industrial industry, primarily in the in situ Oilsands region south of Fort McMurray, Alberta and bulk water and fluids transfer logistic services in western Canada.
The Corporation's common shares and common share purchase warrants are listed on the TSX Venture Exchange under the trading symbol "FFF" and "FFF.WT", respectively.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Northern Frontier Corp.
For further information: Chris Yellowega - President and Chief Executive Officer, Phone: 587.350.7232, Email: [email protected] or Monty Balderston - Executive Vice President and Chief Financial Officer, Phone: 587.350.7231, Email: [email protected] or Northern Frontier Corp., 400, 435 - 4th Avenue SW, Calgary, AB T2P 1H4, www.nfcorp.ca